This paper systematically analyzes the impact of e-CNY on the military economy, and digs into the study of the importance of e-CNY on the military economy in terms of its impact on both the money supply and the deposit reserve. It chooses to construct a semiparametric quantile regression model based on panel data, fit the nonlinear mapping between variables by using B-spline function, and meanwhile combine the mixed regression strategy to realize the loss function taking value. Panel regression practice and model robustness testing are performed by mining the variables related to the impact of e-CNY on the military economy. The results show that among the seven variables, the level of technological innovation has the most significant effect on the level of military economic development (P<0.01). Economic status, trade status, and the level of political stability are significantly related to the level of military economic development at the 0.05 level. The level of currency internationalization, the level of transaction costs, and central bank reserves are correlated at the 0.1 level. The relationship explanatory power of the constructed panel regression model is verified by the robustness testing method in split-sample regression and variable substitution method.
